Plots Starting At Rs 2.5L; Over 1,300 Projects Up For Grabs Along Chennai’s GST Road
The Grand Southern Trunk Road or the GST Road, a popular stretch in Chennai, in the recent years has attracted many real estate investors and end-users. The unique selling proposition or the USP of the area is the infrastructural development here which includes big and small IT/ITes facilities, commercial centres, schools, colleges, among others. These developments ensure a self-sufficient lifestyle. With the development, affordable and luxury housing have made inroads, too. As of date, PropTiger.com records over 1,300 projects in the area. The property here is available in the price band of Rs 2.50 lakh and Rs 1.75 crore. The price varies depending upon the type of property -- plots, apartments, villas or independent houses; the size of the house: quality of construction; amenities; location and also, the brand of the developer.
Also read: Top Projects Under Rs 80 L In Chennai’s OMR
Popular localities along the GST Road include Guduvancheri, Mahindra World City, Maraimalai Nagar, Nadambakkam, Old Perungalathur, Perungalathur Singaperimal Koil, Urapakkam and Vandalur. Those working in Oragadam, Sriperumbudur and other industrial areas can also consider the stretch for residential purposes. The presence of four major special economic zones or SEZs and coming of others make the GST Road promising for homebuyers. Connectivity, to and from Chennai Central via Guindy, is smooth. The suburban trains also ensure a quick and affordable ride to nearby areas like Kancheepuram.
This growth corridor has witnessed a price rise, although slowly. In 2013, prices hovered around Rs 3,500 per sq ft and owing to developments, prices in 2017 climbed to Rs 3,900 per sq ft on an average. It may not be wrong to say that there has not been any steep increase in prices since the supply has kept prices in check. Hence, if you were waiting to make a strategic investment but missed the opportunity in the past, prices are still at their rational best. So here’s your chance.
Close to 400 plotted developments abound in areas like Acharapakkam, Chengalpettu, Guduvancheri, Madurantakam, Maraimalai Nagar, Nallambakkam, Oragadam (parts), Padappai and Singaperumal Koil are areas you can consider. The plots on the GST Road start at a price of Rs 2.5 lakh for a size of 400 sqft and can go up to Rs 65 lakh for plots of an average size of 4,000 sqft. For 1BHK units, you would need to reserve Rs 25 lakh while 2BHK and 3BHK units cost anywhere between Rs 37-60 lakh. For higher configurations, spare Rs 90 lakh or more. However, as most price-sensitive markets would have it, the 2BHK and 3BHK units are most popular among end-users and investors.
The rental market
The rental market of the GST Road is evolving. The locality ensures that landlords can boast regular pool of tenants. Rental values range between Rs 4,500 per month for one-room accommodations to Rs 25,000 per month for 2BHK and 3BHK units based on the size of these homes. The rents of spacious villas in the plush vicinities of the GST Road can touch six figure as per data with Makaan.com.
Here’s what is doing the rounds
- Tambaram residents have been demanding that the Water Resources Department should desilt rainwater canal on the GST Road. At present, owing to dumping of construction debris and garbage, the rainwater is blocked and cannot flow into the lake affecting groundwater table in neighbouring areas.
- A pedestrian subway at Irumbuliyur, part of the GST Road could soon be a reality. As of now, over 20,000 people who live in the area need to cross railway tracks to reach the GST Road, which is unsafe. The residents have demanded a subway to serve the area.
- The Chennai Metropolitan Development Authority (CMDA) is keen on a 40-km elevated corridor estimated to cost Rs 2,400 crore. The corridor would link the airport with Chengalpet on the GST Road. Feasibility tests are still on.
- Over 2.25 lakh vehicles use the GST Road every day. This has made work on the three-lane flyover in Pallavaram along the GST Road utmost necessary. The Rs 69-crore project is under construction and once completed, will boast smooth movement of traffic and connectivity to the airport road.
- The National Highways Authority of India (NHAI) will soon appoint a consultant to prepare a detailed project report (DPR) for the widening of the Tambaram-Tindivanam road (NH 45). However, the work will commence only after 2019.